Jun, 2001 : PSINet to Sell Latin American Operations

📅 June 8, 2001 - Crumbling communications giant PSINet Inc. announced on Thursday that it has signed a letter of intent with an investment group led by Cori Capital Partners, L.P. and consisting of additional investors, including senior members of PSINet's Latin American management team, according to which the group has offered to purchase PSINet's Latin American operations and facilities in Argentina, Brazil, Mexico and Uruguay.

The proposed purchase is subject to a number of conditions, including regulatory approval and approval under the bankruptcy proceedings.
PSINet says it expects that its operations in Argentina, Brazil, Mexico and Uruguay will continue to function in the normal course of business, providing reliable services to its customers. The company's operating subsidiaries in Latin America are not part of its filing under Chapter 11 of the US Bankruptcy Code.
PSINet is considering strategic alternatives for its operations in Chile and is in discussions with a potential purchaser group. But the company isn?t sure that those discussions will result in a sale of PSINet's Chilean operations.

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